Positive Trends in Telluride Real Estate Sales Activity through July 2008

Posted by George R. Harvey, Jr. — August 27, 2008

TELLURIDE, Colo. – (Aug. 28, 2008) – The good news: In my opinion, it is undoubtedly the best time Telluride Properties logoto buy real estate in the Telluride region in over 10 years. At the current sales pace, the market shall absorb about 400 of the approximate 1,800 properties currently listed in the Telluride MLS by the end of the year 2008. This means that about 1,400 listings will not get sold. Of those, about 85% of the sellers are not highly motivated. They can wait out the market whether it recovers this year or takes all of next year to do so. Remember the vast amount of the sellers are affluent; however, that does leave about 15% of the market of the listings or about 250 sellers that appear to be fairly motivated. Of those, a few are in my opinion are strongly motivated to sell their property in the next 90 days. If you would like a consultation about which properties we believe that involves, email me at george (at) tellurideproperties.com or call me at 970-369-5373 and we will give you a sampling of our best buy list.Now for the not-so-good news: In my opinion, if you’re a seller, your property has to be first perceived as a very good value and at the same time be unique in its property category. Instead of the usual 5-10% discount, buyers want a 15-20% discount. We know that doesn’t settle well with many sellers. Be thankful you don’t own property in certain areas of Florida, Las Vegas, Arizona or southern California. You would be looking at significantly greater discounts. As you know our market historically has performed very well and I strongly believe it will continue to do so in the future; however, I sincerely believe it will take the remainder of 2008 and all of 2009 for the market to recover and become a balanced seller and buyer market. What’s a balanced market? When you’re selling in a year as many listings as you have in a year. In English, if there are 1,500 listings, then there are 1,500 sales. In theory that is a perfectly balanced market in seller demand and buyer demand. We have got a ways to go.If you would like to discuss your particular property and my opinion of what it would take to get that property sold, please contact me. We have taken great pains to analyze every segment in the market, every type of property and every level of pricing. Again, my contact information is george (at) tellurideproperties.com or call me at 970-369-5373.Click the following links to view PDFs with in-depth data:Colorado Resort Area Real Estate Sales Activity for 1st Six Months 2007 and 2008San Miguel County Real Estate Sales Activity Report for 1st Six Months 2008San Miguel County Real Estate Data Comparative Sales Report For July 2008

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